Alabama senators oppose financial bailout bill

Published 10:41 am Thursday, October 2, 2008

By Staff
Alabama's Richard Shelby and Jeff Sessions were among the 25 senators who voted against a $700 billion bailout for the financial system Wednesday.
Shelby was an early opponent of the legislation, which was revised after a House defeat Monday. The new bill goes back to the House for a vote likely to happen Friday.
President Bush backed the legislation, and presidential candidates Barack Obama, D-Ill., and John McCain, R-Ariz., voted for it, as did vice presidential candidate Joe Biden, D-Del.
Sessions said the bill amounted too much government intervention.
"It is clear that we face significant challenges that threaten our future economic growth. Government can and should be part of the solution, but we should tailor its role to have maximum benefit with minimal market interference," Sessions said in a statement. "Though well-intentioned, the administration's plan represents unprecedented governmental intervention in the economy. Its enactment will be a signal to the world that America has turned its back on the free market. The burden has been on the secretary of the treasury to explain with specificity what happened to our financial markets and how his extraordinary proposal will help. As a steward of taxpayer money, I do not believe that burden has been met."
On Monday, most of the state's House delegation voted for the bill, including U.S. Rep. Jo Bonner, R-Mobile, who represents Escambia County.
For the full text of Sessions' comments, see Sessions statement.